Zenith Bank gives bonus of 1 for 4
August 1st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The much awaited full year result of Zenith Bank Plc has finally hit the market with a bang. One of the key highlights of the results was the fact that the bank has reaffirmed its leadership position as its 2006/7 audited result shows total assets plus contingents of N1.2 trillion, the largest in the industry, which before now was held by UBA.
The results, which was released yesterday showed a profit before tax of N26-billion, up from N15.15-billion the previous year, representing an increase of 65 percent. Turnover rose to N94.88-billion as against N60-billion the previous year. This indicates an increase of 58 percent.
Consequently, profit after tax increased by 63.5 percent, from N11.48-billion in 2006 to N18.77-billion this year. The bank has therefore decided to create more value for its shareholders by giving a 1 for 4 four bonus issue and a dividend payout of N1.00 per share.
This is as against a dividend of N1.10 in the previous year with no bonus.The stock is expected to experience some rally as many would want to partake of what the bank is offering.The register is to close on 20th August 2007.
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